Oldborough Ltd - Accounts to registrar (filleted) - small 18.2
Oldborough Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 30 September 2017 |
| for |
| OLDBOROUGH LTD |
| OLDBOROUGH LTD (REGISTERED NUMBER: 03353393) |
| Contents of the Financial Statements |
| for the year ended 30 September 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| OLDBOROUGH LTD |
| Company Information |
| for the year ended 30 September 2017 |
| Director: |
| Registered office: |
| Registered number: |
| Accountants: |
| Chartered Accountants |
| 305 Regents Park Road |
| Finchley |
| London |
| N3 1DP |
| OLDBOROUGH LTD (REGISTERED NUMBER: 03353393) |
| Balance Sheet |
| 30 September 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Stocks |
| Debtors | 5 |
| Cash in hand |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities | ( |
) | ( |
) |
| Provisions for liabilities |
| Net liabilities | ( |
) | ( |
) |
| Capital and reserves |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| Shareholders' funds | ( |
) | ( |
) |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the director on |
| OLDBOROUGH LTD (REGISTERED NUMBER: 03353393) |
| Notes to the Financial Statements |
| for the year ended 30 September 2017 |
| 1. | Statutory information |
| Oldborough Ltd is a |
| number and registered office address can be found on the Company Information page. |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| The financial statements have been prepared on a going concern basis, the applicability of which is dependent upon the |
| continued support of the company's creditors and financiers. In the opinion of the director, the company has the support |
| of its creditors and financiers for the foreseeable future and it is therefore appropriate to adopt the going concern policy. |
| First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
| These financial statements for the year ended 30 September 2017 are the first that are prepared in accordance with FRS |
| 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of transition to |
| FRS 102 Section 1A is 1 October 2015. |
| Key source of estimation, uncertainty and judgement |
| The preparation of financial statements in conformity with generally accepted accounting practice requires management to |
| make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of |
| contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the |
| reporting period. |
| There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by |
| management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, |
| there remains a risk that the policy does not match the useful life of the assets. |
| There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by |
| management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there |
| remains a risk that the provisions do not match the actual tax liability when asset is disposed off. |
| There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out |
| at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as |
| possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be |
| uncollectable. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value |
| added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
| items. |
| OLDBOROUGH LTD (REGISTERED NUMBER: 03353393) |
| Notes to the Financial Statements - continued |
| for the year ended 30 September 2017 |
| 2. | Accounting policies - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the |
| extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
| date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
| which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been |
| enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
| recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Plant and |
| machinery |
| etc |
| £ |
| Cost |
| At 1 October 2016 |
| Additions |
| At 30 September 2017 |
| Depreciation |
| At 1 October 2016 |
| Charge for year |
| At 30 September 2017 |
| Net book value |
| At 30 September 2017 |
| At 30 September 2016 |
| 5. | Debtors: amounts falling due within one year |
| 2017 | 2016 |
| £ | £ |
| Other debtors |
| OLDBOROUGH LTD (REGISTERED NUMBER: 03353393) |
| Notes to the Financial Statements - continued |
| for the year ended 30 September 2017 |
| 6. | Creditors: amounts falling due within one year |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Please refer to note 7 to the financial statements in respect of Other creditors. |
| 7. | Related party disclosures |
| Included in Other creditors as shown in note 6 to the financial statements is an amount of £88,275 (2016 : £88,275) owing |
| to The Wood & Krailing Limited Pension Fund. This is a fund in which the director Mr A Raine is the sole beneficiary. |